《大行報告》建銀國際下調中免(01880.HK)目標價至122元 評級「跑贏大市」
建銀國際發表研究報告指,中免(01880.HK)首九個月收入及純利分別升29%及12%。雖然銷售復甦步伐較預期緩慢,但利潤率按季改善表明盈利有好轉。該行估計,集團的營運利潤率將由第一季的13.7%上升至第三季的約17%。
該行表示,基於中國國內旅遊需求在節日假期的推動下不斷增長,對中免今年第四季的增長前景保持樂觀。據統計,今年中秋國慶假期間,海南免稅銷售額按年增117%,消費者亦按年增143%至17.7萬人。集團作為海南主要零售營運商之一,該行相信其將繼續受惠於該地區強勁的客流量,這將足以抵銷消費者開支放緩的影響。而經營環境好轉亦令折扣減少,從而帶動利潤增長。
該行分別下調集團2023及24財年的盈利預測11%和5%,以反映第三季銷售增長放緩及更高的外匯損失。該行將公司目標價由135元下調至122元,維持「跑贏大市」評級。
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